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Court Rules Co-Developer Status in SEZ Redundant After Auction; No Action Needed Under SEZ Act Sections 10, 13, 51.

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....Establishment of Special Economic Zone (SEZ) - Cancellation of Co-developer status of the petitioner - Auction of plot by the bank after the default in payment of the loan taken from SIDBI by the petitioner - no action is required to be taken under the provisions of the SEZ Act for suspension or transfer or cancellation of letter of Approval in favour of the petitioner which has become redundant and extinguished in view of auction sale by the SIDBI, analyzing and/or applying the provisions of Section 10, 13 and 51 of the Act would be an academic exercise.....

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Court Rules Co-Developer Status in SEZ Redundant After Auction; No Action Needed Under SEZ Act Sections 10, 13, 51.